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author Written by
Rex John Walsh
author Fact checked by
Sangram Mohanta

Last Updated on June 1, 2024 by TOP FOREX BROKERS REVIEW

Forex Broker Reviews 2024 (100+Forex Brokers Reviews)

Investing in forex may be exciting, but it might thrill you negatively if you failed to pick the right broker. That is why forex broker reviews are highly important to choose the right broker. When you step into the forex market, you will find hundreds of brokers out there, but you may not know how good they are. In that case, FX broker review comes handy. That is why it is necessary to know the things you should consider while you look at the fair forex review. With that note, we have collected all the relevant things that are necessary while choosing the right broker. So, this article will take you through the forex trading reviews elements to help you pick the broker that fulfills your requirements. Read on to know how to pick the right broker based on the FX trading review.

Things to Consider for Forex Broker Reviews

Forex Broker ReviewsThere are numerous criteria and ways experts use to review a forex broker. However, some of those elements are important while some of them can be negligible. Hence, we have looked at all the relevant criteria for forex broker reviews that can help you choose the right broker and listed the top elements for forex trading reviews.

Whether you are a novice or expert, when you want forex trading, forex broker reviews are the important factor in achieving success in trading. Checking out the reviews will definitely help you to decide the right broker. However, looking for forex trading reviews and checking one by one is time-consuming.

With many different types of available brokers, it is tough to select the right one that works for you. That is why we endeavor to provide you with some comparisons among the forex brokers and provide a comprehensive list of best forex brokers. Besides, we will also provide some advanced and helpful tips, which you should look at before selecting a broker.

The risk associated with forex is relatively higher than any other business. On the other hand, the profit margin is also higher for expert traders, which attracts investors to forex trading. However, selecting a forex broker needs to consider a lot of stuff, which makes finding the right broker complex. Furthermore, there are a variety of brokers with regulated and unregulated issues. Here, we consider only regulated forex brokers as they reduce the risk.

So, why forex trading reviews is essential to you as a trader, well, that is why you are here. We will discuss in detail about the importance of forex broker reviews throughout this article. Without further ado, let's find out all the importance which would help you to your forex journey.

But before you delve into what the forex reviews say about these forex brokers, let’s find out why reviews are important to you as the customer.

Best Forex Brokers List 2024


We only list licensed brokers that comply with the requirements of prominent regulatory agencies.


The minimum amount you need to deposit in order to start trading.


Leverage refers to the ratio of securities you can buy for a given payment. The higher the leverage ratio, the higher your buying power (and the higher the risk). For example, a leverage ratio of 500:1 means you can purchase 500 securities, but only pay the equivalent of 1 security valuation. The leverage ratio offered can vary depending on the experience level of the trader.

No Bonus

Telephone: +44 28 2544 7780

  • Excellent education tools
  • Low forex fees
  • Fast account opening
  • Easy funding methods
  • No bonuses
Platforms & Devices
No Bonus


  • 9 base currencies
  • 24/7 technical service
  • Direct market access
  • VPS, FIX API, copy trading
  • Superior trading conditions
  • No negative balance protection
  • Withdrawal fees
Platforms & Devices
No Bonus


  • Fully digital account opening
  • Low forex fees
  • Research tools
  • Free Education Resources
  • No bonuses
Platforms & Devices
50% Deposit Bonus


  • Ultra-low spreads
  • Quick withdrawals and deposits
  • 24/7 online support
  • Negative balance protection
  • Mobile copy trading services available only for Android

Platforms & Devices
No Bonus

Telephone: +44 (0) 203 151 5550

  • Excellent customer service
  • Free deposit and withdrawal
  • Negative balance protection
  • Wide range of platform
  • Inactivity fee
  • High Trading Fees for some CFDs
Platforms & Devices
No Bonus


  • All base currencies
  • 24/7 technical service
  • Direct market access
  • Superior trading conditions
  • No negative balance protection
Platforms & Devices
No Bonus

Telephone: +248 467 19 76

  • Low forex fees
  • Fast order execution
  • Analytical training materials
  • 90+ instruments
  • Slow live chat support
  • Non-EU traders don’t get investor protection
Platforms & Devices

Telephone: +35 7251 23212

  • No withdrawal fee
  • Low stock and stock index CFD fees
  • Negative balance protection
  • No inactivity fee
  • Average forex CFD fees
  • No PAMM accounts
Platforms & Devices
Up to $10,500

Telephone: +501 223-6696

  • Low withdrawal fees
  • Great educational tools
  • Wide range of leverage
  • Multilingual customer support
  • Non-EU traders don’t get investor protection
Platforms & Devices
No Bonus

Telephone: +61 2 9965 5830

  • Automatic insurance coverage
  • Low entry threshold
  • Fully digital account opening
  • Low forex fees
  • Limited research tools
  • Only forex and CFD trading
Platforms & Devices


If you have a some experience with the forex, you already know that there are many forex scam brokers who pretend to be real and attract the traders in many ways. It is normal that anyone can fall for those highly addictive offerings. To avoid such scammers, it is recommended that you carefully check the forex regulatory status while looking at the online forex broker reviews. 

However, forex doesn’t have any central regulations, hence different countries have their own regulations to control the forex brokers in a certain territory. These regulatory bodies work as an authority who ensure the quality of authenticity of a broker. And upon checking the quality, regulations allow the brokers to operate in a certain market. So, the regulated brokers are only recommended to initiate any forex trading.

Therefore, while you check out a broker for fair forex review you should find out if the broker is regulated. However, getting a license from a proper regulatory body is not an easy task as the brokers need to maintain some requirements. So, when you seek to pick a broker based on forex trading broker reviews, make sure you check the forex regulations.

Account Security

When you open a forex account you will be required to provide numerous personal information. For example, you may need to supply your ID, birthday, name, credit card info, transaction details, and more. This type of sensitive info should be handled carefully through the right hand. Therefore, the broker should have robust security in their system, so that the trader’s data remains safe. Hence, the forex broker reviews should have the proper info about the broker’s security measurements.

The account security may include SSL encryption and transfer of data via a secured server. The legit broker always provides excellent account security to keep the trader’s info safe.


Forex brokers are available almost everywhere in the world. While most brokers operate all over the world, some brokers run locally or for a few specific reasons. Therefore, it is necessary to know the location or regions of the broker. The location info is necessary, because not all the regulations can ensure a broker’s validity. Hence, the region of the broker and their operating countries will let you get an idea about the broker’s legitimacy.

Further, you should have an idea about which region has top regulatory bodies. For your information, most of the top regulatory bodies in the world are located in the USA or UK. Further, Australia and other European regions also have some top regulatory bodies. So, the FX trading review should prioritize the broker from those regulations. However, the USA and Europe have different trading conditions. Therefore, a different trading strategy is needed to trade in different regions.

So, it can be said that the forex review should include the region info of a broker.


Trading platforms are the first technical aspect of a broker you will encounter. Nevertheless, different forex broker reviews will suggest different trading platforms. But, amongst all the platforms MetaTrader 4 or MT4 is the most popular and widely used. It comes with many advanced features, which are easily accessible even by the newbies.

Further, MetaTrader 5 is also another acceptable platform that is used by most of the traders who trade commodities mostly. However, both trading platforms are good at automated trading. So, the forex trading reviews should add these two platforms to their list. Hence, the brokers with MT4 and MT5 platforms should get the priority while cTrader is also another option when it comes to best trading platform review.

cTrader comes with some unique charting features as well as manual technical features. Moreover, the advanced technology features will let the trader have a fast entry execution capability. It can execute at the same speed in both 32- and 64-bit processors at the same time.


The forex broker reviews should also focus on leverage. This feature is given by the broker to the trader. As per the leverage feature, brokers allow the traders to trade more than the amount they have in their accounts. For example, if you place $1000 worth of volume, you may trade up to $100000 worth of currency using the leverage feature.

It is an important matrix for your forex trading as leverage can get you an immense amount of profit. However, it can also make loss significantly, if the speculation becomes wrong. But a broker can save you from having a significant capital loss if you lose 10%-30% of your original trading amount.

The amount of allowed leverage depends on the broker as well as the regulation. As some regulatory bodies may allow high leverage while others may allow low leverage. So, while looking at the fair forex review, you should observe the allowed leverage too. Usually, the amount of leverage helps the trade to set a trading strategy or modify accordingly.

Margin Requirements

This is a common term used in forex trading. It is nothing but a derivative ratio of the leverage. In simple words, the margin requirement is the amount of money you need to put in your broker account when you decide to trade with leverage.

For example, if a broker offers 20:1 leverage, your margin requirement will be 1/20 which is 5%. So, in a 20:1 leverage, you will need to deposit a minimum of $1,000 real money to trade up to $20,000. Nevertheless, you will need to deposit more, if you wish to trade a large volume.

Normally, the margin requirement boosts the potential profit. So, the FX trading review suggests selecting a broker that offers a lower margin requirement.

Trading Cost

Whether you are an expert trader or a newbie, the cost of trading is one of the key factors. Forex broker reviews always suggest a broker with a reasonable cost. However, the trading cost depends on several factors such as spreads, commissions, and fees. Let’s see the details of each of the costs.


The difference between the bid and ask price is called the spread. The bid is normally the price a broker or the market maker wants to buy a currency. Alternatively, the asking price is the price that a broker agrees to sell a currency. Normally, the asking price is greater than the bid price.

Some brokers may charge a wider spread than the usual market spread. However, you will find the brokers that are ready to offer the original spread, which is named Raw spread. The broker with raw spread charges commission based on trading volume. Most of the time, brokers offer two spread types, fixed and floating.

Fixed spreads are offered beforehand the placement of an order and the broker cannot change the spread later. They are bound to charge the agreed spread regardless of the future trading situations. Usually, the fixed spreads are flexible for beginners as they don’t need to go through the complicated spread calculations.

On the other hand, floating spreads depend on market volatility. But, you will require to know the calculation of the charges to take the benefits of floating spreads. In the floating spread, the trading cost is similar to the market rate. So, you may close your trade if you can assume that the spread may increase. Here you will need to know the financial analysis while you do the market analysis.

So, all the forex broker reviews should mention all the spreads details. As a result, taking a decision on a broker becomes easier.


It is a form of fees that are deducted from the account via the platforms. Normally, the commissions are fixed but depend on the trading account types along with the trading volume. If any broker charges commission on trading, they tend to offer a tighter spread close to the live market rate.


You are already paying a form or trading fees via the spreads and commissions. But, there are some other fees that might be associated with some brokers. For example, overnight fees, inactivity fees, and currency conversion fees may also incur.

  • The overnight fees are usually the fee charges for holding a position beyond the regular trading hour, which is also recognized as the swap rate.
  • Inactivity fees occur when a trader’s account remains inactive for a long time.
  • The currency conversion fees are charged if a trader deposits in other currencies instead of the broker’s base currency.

Apart from these fees, brokers may also charge withdrawal and deposit fees, which actually depend on the location as well as the transaction method of the broker.

So, FX broker review should consist of a detailed overview of the trading cost, so that you can know which broker is right for you.

Deposit and Withdrawal

Usually, forex brokers offer different types of transaction methods to ease the deposit and withdrawal process. The most common transaction methods are credit/debit card and bank wire transfer. However, digital payment gateways such as Skrill, PayPal, Neteller, and Fasapay are also popular in some regions. Nevertheless, these digital payment systems are getting popular day by day as they are more flexible than traditional transaction methods.

So, you should check the FX broker review on the offered transaction methods before you decide to open an account with a broker. So, if you know the deposit and withdrawal method of a broker, you can easily prepare yourself before initiating any trading.

However, you should also maintain a good connection with the banks as the banks take time to transfer the money to a brokerage account.

Minimum Deposit

It is another feature the forex broker reviews should always add to their list. The minimum deposit is solely dependent on the broker. That is why most brokers offer the lowest possible deposit while some brokers don’t put any restriction on that. However, it has been seen that, if a broker requires a high deposit, they tend to offer advanced facilities and you may be able to trade with more buying power as well as leverage. Moreover, a broker with advanced facilities will also lower the trading cost.

But the traders should remember that they should not deposit money that they cannot afford to lose. Nevertheless, the brokers can have full control over your deposited money.

Therefore, the brokers should separate the investor's fund from the company’s money. So, forex trading reviews should check carefully about the segregated account feature and recommend the broker accordingly.

Account Types

Forex brokers may offer different forex account types . Some may classify based on the deposit amount as well as account functionality. Further, there are some other forex account types too.          

Demo Account

Trading via a demo account is a great way to know about a broker. Although a demo account will not get you the real profit as you will be trading through virtual money given by the broker. However, you will be able to trade like a real account using all the benefits. It is another way to check out the trading platforms. Furthermore, you can also get the opportunity to practice trading via the demo account.

Therefore, practicing on a demo account will help you to understand the budget according to your strategy. Nowadays, almost all forex brokers provide a demo account to the traders. So, the forex broker reviews should mention the demo account offerings.

When you are done with trading via the demo accounts, you may proceed to the real trading world through the real account with real money. You may step into the real trading world with three account types.

Micro Account

A micro account provides the opportunity to trade in a small amount, which lets you trade in a micro lot worth $1000. The good thing about a micro account is that you don’t need to take much risk. Instead, you can learn real trading while investing a small amount. Nevertheless, brokers with micro accounts can deposit less than $100 and start trading. Some brokers also make the trader's life easier and offer as low as a $10 deposit.

So, if you want to analyze the price movement of a currency, you can check with the micro account. However, the profit earned in the micro account is also little.

Mini Account

A mini account allows trading more amounts than a micro account. For example, it allows you to handle more than $10,000 worth of trading. Usually, the minimum deposit for a mini account is around $200 to $500. It will give you the opportunity to access more tools and platforms that also provide a wide range of asset access. Furthermore, the cost of spread will also be reduced than the micro-accounts. However, the spread reduction may not be available with all the brokers. So, the forex reviews should provide an in-depth overview of the spreads of mini accounts.

Unlike the micro account, the risk in the mini account will be higher too. During the trading with a mini account, you can also develop your trading knowledge and can know the facts about the market trend.

Standard Account

This is a more advanced type of account. Usually, traders with professional trading skills should trade via the standard account. Nevertheless, the standard account allows for an investment of a large amount of money. So, if you wish to trade around 100,000 units, you can go for a standard trading account. The lots in the standard account are also considered standard lots.

Standard account holders get the highest facilities from the broker. Hence, traders can earn a hefty amount of profit while the risk is also higher. So, this type of account is only recommended to highly expert traders. Further, the traders can also have the opportunity to trade commodities, derivatives, or CFDs. Therefore, standard account holders don’t need to rely on currency pairs. Hence, if a broker loses forex in a standard account, he or she can cover it up by trading other instruments.

Usually, the standard account needs a minimum $1000 deposit to start the trading. With this amount of deposit, the traders will get a flexible margin.

ECN and STP Accounts

The account types we have mentioned above are known as retail accounts which provide wider spreads, also called dealing desk brokers. They usually have a virtual desk and process orders after revealing the price which is set by them. Nevertheless, they are also named market makers and usually stand on the opposite side while you trade. However, the trading execution time is higher in retail accounts.

Therefore, you may initiate trading with an STP or ECN account to have faster trading. Nevertheless, these accounts offer some good benefits as you are doing instant trading.

The reason behind choosing these accounts is direct access to liquidity, prompt execution, and access to the interbank network.

Education and Research

Education and research features are useful aspects of a broker. But most traders tend to ignore this while checking the online FX broker review. The Forex industry is constantly changing; hence you need to be updated with all types of news. In this case, the research and education tool will get you the opportunity to learn the changes. Further, if you want to learn new things or want to update your skills the forex education is mandatory. So, you cannot deny the necessity of these tools while observing the forex broker reviews.

A reputed and true forex broker will give you the required study materials so that you can take the benefits of the latest updates in the forex market and apply strategies accordingly. If you can learn more stuff about forex, you can eventually invest more into it and earn more money. The increased trading volume will lead you to earn more profit.

Customer Support

It is the last important thing to look at while checking the forex broker reviews. But, you should not ignore it. Although you will check this feature last, it is also an important one. You will need to contact customer support if you face any technical or any kind of problem during trading. So, quick customer support is needed to provide you with the ultimate solution. So, FX forex review should include the customer support quality of a broker.

Usually, forex brokers offer customer support via phone call, email, or live chat. So, a fair forex review should provide detail about the contact method.

They Act as A Cautionary Step Before Action

The meaning of the phrase ‘due diligence’ charges you as the customer with looking through something carefully and playing your part. Reading the forex broker reviews is part of this. They are there so you do not have to say later ‘I didn’t know’. Caution is a must when you want to spend money on anything. Read the forex reviews to know exactly what you are buying.

They Provide You with Social Proof

Whenever people use anything these days, be it a service or product, companies will often ask them to review their experience. Forex reviews works mostly at the same way. You get testimonials from real people and what they think about forex broker.

This is the same concept used to sell you other products using influencers on Instagram. However, it works even better when it is people just like you who have done something, see how it works and can relate to you what happens with honesty and sincerity.

Our forex reviews account for what actual customers say about the products we recommend here.

They Give Credibility and Reliability

Forex trading reviews take into account the reputation of a company. How well do we know them and how are they regarded by society at large? Answering this question means digging deep into things that most people often miss when writing forex trading reviews.

By reading the forex broker reviews, you can judge the trust of a person offering you a service of any kind. When you are shopping for anything, deciding if you can rely on it or not is usually very hard.

You can eliminate this hurdle by consulting a review first before you get into any business with anyone.  Credibility is very important for any kind of business that takes place online. Read the forex broker reviews to get a clear picture before you pick anything.

We take what we do here seriously and that means hundreds of hours reading about the brokers and testing their demo accounts to see what they are like. What people say about them influence how we write the forex broker reviews.

Forex Broker Types

Usually, the forex brokers come with two basic types, dealing desk and non-dealing desk. So, what are these? Let’s get to know the details.

Dealing Desk Brokers

Buy and selling activities take place using dealing desk broker. Further, the dealing desk consists of a thousand forex traders, who are connected through the virtual networks and make investments through this. Nevertheless, both professional and retail traders can use the dealing desk who can handle hedging and liquidity.

These brokers are also known as market makers as they create markets for the clients. They also work on setting the price for the currency pair for the clients.

Non-Dealing Desk Brokers

These kinds of brokers give access to the interbank market liquidity. Through the non-dealing desk, you will initiate trading opposite of the liquidity providers. As the name suggests, it doesn’t have any intervention from the dealing desk and they can be categorized into two groups: STP and ECN brokers.

ECN build a liquidity pool consisting of market makers, retail traders, and liquidity providers. They operate through an electronic communication network. Meanwhile, the STP brokers also give you the opportunity to trade via a direct liquidity provider, but they have fewer entities. Further, STP brokers may charge an extra mark up on top of the market price.

Why Should you Check Forex Trading Reviews?

You already know that the forex market changes constantly. So, you always need to stay updated with the market, and good brokers can keep you updated. So, it is necessary to pick the right broker. But how would you know which broker is best for forex trading? In that case, you will need to know the forex trading reviews, so that you can pick the best forex broker for your trading.

Further, the fair forex review can let you know the details of each broker based on different aspects. As a result, your broker selection becomes easier.

Professional Reviewers vs Forex Trader Reviewers

When it comes to online forex broker reviews, you may find professional and amateur traders reviewers. Nevertheless, both types of reviewers are necessary. The professional reviewers give their time on trading and check all the aspects of a broker and provide the final review. They may also get compensation from the brokers to review them. Further, they may also provide you a signup link to give a discount on the trading cost.

On the other hand, the amateur reviewers provide fair forex reviews based on their trading experience. However, they may not give you all the details of a broker as they don’t need every element while trading. But, you will get honest and fair forex reviews from regular traders.

So, it is recommended that you should check both types of reviewers when you check the online forex broker reviews.

Final Words

As a Forex trader, it may be difficult to initially put all your faith in a random forex broker. In that case, our forex broker reviews are available to rescue you. Our mission is to justify all the available brokers worldwide and give you the direction to choose the best one that can generate profit for you.

However, we have a world-leading forex experts team; you might find any kind of trading instructions that you really need for trading. With our skills and intuition, we present the forex trading reviews for your convenience. But, no one guarantees you profit; you have to work for it. Brokers will just accelerate your earning through your skills and prediction.

We always look for the best broker and update our forex trading reviews list continuously. Their reviews we bring to you are just not the random opinions of random traders. Moreover, we tried those and also talked with the experts. On the other hand, we don't claim to make you a millionaire but guide you to become a millionaire. Instead, we do our best to help you to select the competitive brokers who may favor you while trading. However, we also motivate you that not just take our words for granted. Rather, open a forex demo trading account in your chosen broker and find yourself. For your information, you don't need to pay a penny to open a demo account and trade on that.

We hope our forex broker reviews will give you proper guidelines. Besides, feel free to contact us with any queries. If you are curious about any details regarding them, you find that we have covered all the main points that matter to you as a client.

Whether you are an expert or a new trader, checking and comparing different forex broker reviews are mandatory. FX trading review gives you the proper overview of a broker and eventually helps you to find the best forex broker.

So, when you want to pick a broker based on different FX broker reviews, you can follow the guidelines we have provided throughout the article.

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